Articles by John Rowe
As in sport, we improve our performance by competing against others. If you run by yourself you will never know if you will win a race.
The same applies to business. For example, suppose you operate a Paint and Panel shop. You might think your business is doing well by achieving a gross profit percentage of 30 percent, but what if similar businesses in the industry are achieving a gross profit of 45 percent? That would suggest there is significant room for improvement. Benchmarking gives you the goals to aspire to.
Benchmarking is an important component for business development because it allows you to understand what it takes to be the best in your field, and what it means to be a leader in your industry.
Benchmarking allows you to:
PricewaterhouseCoopers “Trendsetter Barometer Survey” noted that “fast growth companies who used benchmarking information to measure business performance against their peers achieved 69% faster growth and 45% greater productivity over those who did not.”
Planning / Analysis
This element of business management is poorly understood, largely neglected but can generate huge rewards. Without over-simplifying it, analysis allows you to identify what strategy will generate the largest return, and then quantify the impact of your decisions on cash and profitability prior to implementation.
Top managers systematically review and analyse financial results, key performance indicators and benchmarks prior to making strategic / key discussions. Good analysis allows you to:
While analysis is very rewarding it can be very complex and is best left to specialists.
Pleasecontact us if you would like help to learn more above Benchmarking and understanding what's going on in your business.
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